Health Law’s 10 Essential Benefits: A Look At What’s At Risk In GOP Overhaul

Great article from Kaiser Health News about all the changes that could be coming with the ACA overhaul by Michelle Andrews

As Republicans look at ways to replace or repair the health law, many suggest shrinking the list of services insurers are required to offer in individual and small group plans would reduce costs and increase flexibility. That option came to the forefront last week when Seema Verma, who is slated to run the Centers for Medicare & Medicaid Services in the Trump administration, noted at her confirmation hearing that coverage for maternity services should be optional in those health plans.

Maternity coverage is a popular target and one often mentioned by health law critics, but other items also could be watered down or eliminated.

There are some big hurdles, however. The health law requires that insurers who sell policies for individuals and small businesses cover at a minimum 10 “essential health benefits,” including hospitalization, prescription drugs and emergency care, in addition to maternity services. The law also requires that the scope of the services offered be equal to those typically provided in employer coverage.

“It has to look like a typical employer plan, and those are still pretty generous,” said Timothy Jost, an emeritus professor at Washington and Lee University Law School in Virginia who is an expert on the health law.

Since the 10 required benefits are spelled out in the Affordable Care Act, it would require a change in the law to eliminate entire categories or to water them down to such an extent that they’re less generous than typical employer coverage. And since Republicans likely cannot garner 60 votes in the Senate, they will be limited in changes that they can make to the ACA. Still, policy experts say there’s room to “skinny up” the requirements in some areas by changing the regulations that federal officials wrote to implement the law.

Habilitative Services

The law requires that plans cover “rehabilitative and habilitative services and devices.” Many employer plans don’t include habilitative services, which help people with developmental disabilities such as cerebral palsy or autism maintain, learn or improve their functional skills. Federal officials issued a regulation that defined habilitative services and directed plans to set separate limits for the number of covered visits for rehabilitative and habilitative services.

Those rules could be changed. “There is real room for weakening the requirements” for habilitative services, said Dania Palanker, an assistant research professor at Georgetown University’s Center on Health Insurance Reforms who has reviewed the essential health benefits coverage requirements.

Oral And Vision Care For Kids

Pediatric oral and vision care requirements, another essential health benefit that’s not particularly common in employer plans, could also be weakened, said Caroline Pearson, a senior vice president at Avalere Health, a consulting firm.

Mental Health And Substance Use Disorder Services

The health law requires all individual and small group plans cover mental health and substance use disorder services. In the regulations the administration said that means those services have to be provided at “parity” with medical and surgical services, meaning plans can’t be more restrictive with one type of coverage than the other regarding cost sharing, treatment and care management.

“They could back off of parity,” Palanker said.

Prescription Drugs

Prescription drug coverage could be tinkered with as well. The rules currently require that plans cover at least one drug in every drug class, a standard that isn’t particularly robust to start with, said Katie Keith, a health policy consultant and adjunct professor at Georgetown Law School. That standard could be relaxed further, she said, and the list of required covered drugs could shrink.

Preventive And Wellness Services And Chronic Disease Management

Republicans have discussed trimming or eliminating some of the preventive services that are required to be offered without cost sharing. Among those requirements is providing birth control without charging women anything out of pocket. But, Palanker said, “if they just wanted to omit them, I expect that would end up in court.”

Pregnancy, Maternity And Newborn Care

Before the health law passed, just 12 percent of health policies available to a 30-year-old woman on the individual market offered maternity benefits, according to research by the National Women’s Law Center. Those that did often charged extra for the coverage and required a waiting period of a year or more. The essential health benefits package plugged that hole very cleanly, said Adam Sonfield, a senior policy manager at the Guttmacher Institute, a reproductive health research and advocacy organization.

“Having it in the law makes it more difficult to either exclude it entirely or charge an arm and a leg for it,” Sonfield said.

Maternity coverage is often offered as an example of a benefit that should be optional, as Verma advocated. If you’re a man or too old to get pregnant, why should you have to pay for that coverage?

That a la carte approach is not the way insurance should work, some experts argue. Women don’t need prostate cancer screening, they counter, but they pay for the coverage anyway.

“We buy insurance for uncertainty, and to spread the costs of care across a broad population so that when something comes up that person has adequate coverage to meet their needs,” said Linda Blumberg, a senior fellow at the Health Policy Center at the Urban Institute.

See the original article Here.

Source:

Andrews M. (2017 February 21). Health law's 10 essential benefits: a look at what's at risk in GOP overhaul [Web blog post]. Retrieved from address http://khn.org/news/health-laws-10-essential-benefits-a-look-at-whats-at-risk-in-gop-overhaul/


Cold & Flu Prevention in the Workplace

With flu season in full swing here are some great tips from Travelers on how to protect the workplace from getting sick.

Every year, without fail, flu season hits. While the influenza virus poses high health risks for individuals, an outbreak at the office can also affect business operations. All it takes is one employee and one sneeze to put others at risk and spread the virus.

According to the Centers for Disease Control and Prevention, flu viruses can spread to people from up to 6 feet away through droplets made by sneezing, coughing or talking.* Even before showing symptoms, an infected employee who sneezes during a meeting or coughs at someone's desk without covering his or her mouth can expose others to the flu.

Small businesses can be even more vulnerable if multiple employees call in sick due to flu-related illnesses. Fewer hands on deck could potentially impact productivity and operations.

Following are Five Tips for Business Owners to Help Reduce the Potential Spread of the Flu:

  1. Make the Flu Vaccine Available for Employees
    The best way to prevent the flu is to get a flu vaccine every year. However, finding time to get the vaccine may be difficult for some. If possible, employers should consider hosting a vaccine clinic onsite. By having it available at work, employees should be able to take care of this simple task quickly and easily.
  2. Keep Work Spaces Clean
    Generally, human flu viruses can survive on surfaces for two to eight hours, so encourage employees to clean their desks regularly. When buying cleaning supplies, read the label to make sure it states that the product is effective against flu viruses, such as Influenza A.
  3. Offer the Option to Go Virtual
    Most people do not realize they can spread the flu virus to others one day before they show any symptoms and up to seven days after becoming ill. Small business owners should make employees aware of this fact and provide opportunities to reduce in-person interactions, as this can help minimize the spread of the flu in the office. There are still ways to get work done so consider giving employees an option to work from home. They can stay connected through emails or phone calls, and conduct meetings online.
  4. Be Open to Deferring Travel
    Small business owners should also be open to rescheduling business trips. If workers are not feeling well before a trip, encourage them to reschedule to a later date so that they are not sick while away from home. If travel plans involve airplanes, fellow passengers will be grateful for that decision as well.
  5. Hand Out the Tip Sheet….Now!
    Even before flu season hits, hand out a short, informative document to employees on ways to help reduce the spread of the flu, such as washing hands properly and regularly and avoiding touching your eye, nose or mouth (entry points into the body for germs). For more information, consult the Centers for Disease Control and Prevention for additional suggestions on preventing the flu and maintaining good health habits.

See the original article Here.

Source:

Author (Date). Cold & flu prevention in the workplace [Web blog post]. Retrieved from address https://www.travelers.com/resources/workplace-safety/cold-and-flu-prevention-in-the-workplace.aspx


HSAs could play bigger role in retirement planning

Did you know that ACA repeal could have and effect on health savings plans (HRA)? Read this interesting article from Benefits Pro about how the repeal of the ACA might affect your HRAs by Marlene Y. Satter

With the repeal of the Affordable Care Act looming, one surprising factor in paying for health care could see its star rise higher on the horizon—the retirement planning horizon, that is. That’s the Health Savings Account—and it’s likely to become more prominent depending on what replaces the ACA.

HSAs occupy a larger role in some of the proposed replacements to the ACA put forth by Republican legislators, and with that greater exposure comes a greater likelihood that more people will rely on them more heavily to get them through other changes.

For one thing, they’ll need to boost their savings in HSAs just to pay the higher deductibles and uncovered expenses that are likely to accompany the ACA repeal.

But for another—and here’s where it gets interesting—they’ll probably become a larger part of retirement planning, since they provide a number of benefits already that could help boost retirement savings.

Contributions are already deductible from gross income, but under at least one of the proposals to replace the ACA, contributions could come with refundable tax credits—a nice perk.

Another proposal would allow HSA funds to pay for premiums on proposed new state health exchanges without a tax penalty for doing so—also beneficial. And a third would expand eligibility to have HSAs, which would be helpful.

But whether these and other possible enhancements to HSAs come to pass, there are already plenty of reasons to consider bolstering HSA savings for retirement. As workers try to navigate their way through the uncertainty that lies ahead, they’ll probably rely even more on the features these plans already offer—such as the ability to leave funds in the account (if not needed for higher medical expenses) to roll over from year to year and to grow for the future, and the fact that interest on HSA money is tax free.

But possibly the biggest benefit to an HSA for retirement is the fact that funds invested in one grow tax free as well. If you can leave the money there long enough, you can grow a sizeable nest egg against potential future health expenses or even the purchase of a long-term care policy. And, at age 65, you’re no longer penalized if you withdraw funds for nonapproved medical expenses.

And if you don’t use the money for medical expenses in retirement, but are past 65, you can use it for living expenses to supplement your 401(k). In that case, you’ll have to pay taxes on it, but there’s no penalty—it just works much like a tax-deferred situation from a regular retirement account.

See the original article Here.

Source:

Satter M. (2017 January 16). HSAs could play bigger role in retirement planning [Web blog post]. Retrieved from address http://www.benefitspro.com/2017/01/16/hsas-could-play-bigger-role-in-retirement-planning?ref=hp-news


Compliance Bulletin: OSHA Clarifies Ongoing Recordkeeping Obligations

On Dec. 19, 2016, the Occupational Safety and Health Administration (OSHA) issued a final rule amending its recordkeeping regulations. The amendments were adopted to clarify that an employer’s duty to create and maintain work-related injury or illness records is an ongoing obligation. The final rule becomes effective on Jan. 18, 2017.

The clarification explains that an employer remains under an obligation to record a qualifying injury or illness throughout the fiveyear record storage period, even if the incident was not originally recorded during the first six months after its occurrence. The final rule does not create any additional or new recordkeeping obligations for employers.

ACTION STEPS

  • Employers should review their workplace injury and illness recordkeeping procedures and ensure that they allow for accurate and timely compliance with recordkeeping requirements.
  • Employers should audit their injury and illness records to make sure all qualifying incidents are recorded during the five-year record storage period.

Recordkeeping Requirements

OSHA requires employers to create and maintain records about workplace injuries and illnesses that meet one or more recording criteria. Specifically, employers must:

Create and update a log of work-related injuries and illnesses (OSHA 300 Form);

Create and maintain injury and illness incident reports (OSHA 301 Form); and

Create and display an annual summary of workplace incidents (OSHA 300A Form) between Feb. 1 and April 30 of each year.

Employers must keep these records for at least five years. The five-year retention period begins on Jan. 1 of the year following the year covered by the records. For example, the five-year retention period for incident reports created on Jan. 23, 2015, June 15, 2015, and Nov. 4, 2015, begins on Jan. 1, 2016.

Penalties for Noncompliance

OSHA has the authority to issue citations and assess fines against employers that violate recordkeeping laws. However, in general, the OSH Act does not allow for a citation to be issued more than six months after the occurrence of a violation.

OSHA is of the opinion that a violation exists until it is corrected. Therefore, the six-month period to issue citations and assess penalties begins on the date of the last instance of the violation. For example, if a violation that started on Feb. 1 was corrected on May 15, the six-month period would begin on May 15, and OSHA would have until Nov. 15 to issue a citation.

OSHA also asserts that uncorrected violations are considered ongoing violations, and that each day of noncompliance is subject to a separate penalty.

The Final Rule

According to OSHA, adopting the final rule and amending its recordkeeping regulations was necessary because the previous regulations did not allow OSHA to enforce an employer’s incident recording obligation as an ongoing requirement. In fact, a federal circuit court has held that the former regulations did not authorize OSHA to “cite the employer for a record-making violation more than six months after the recording failure.” The court also noted that there is a discrepancy between the OSH Act and the regulations, and that while the OSH Act allows for continuing violations of recordkeeping requirements, the specific language in the regulations does not implement this statutory authority and does not create continuing recordkeeping obligations.

The federal court interpretation of previous regulations meant that employers were no longer responsible for recording or storing workplace incidents if OSHA failed to detect and penalize employers for omitted recordable incidents within the six-month period. For this reason, OSHA issued its proposed amendments on July 29, 2015.

Impact on Employers The final rule and amended regulations do not create additional or new recordkeeping regulations, and employers will not be required to record incidents that they were not previously required to record.

This clarification simply makes it possible for OSHA to penalize employers for a recordkeeping violation within six months of the last date of noncompliance, not the first date when a violation occurs. OSHA believes that the clarification will encourage employers to comply with record-making and recordkeeping obligations even when these records are not produced within the first six months of when a recordable incident takes place. In other words, the clarification discourages employers from ignoring record-making and recordkeeping obligations solely because six months have transpired since the occurrence of a recordable incident.

This also means that OSHA now has a window of up to 66 months (five years and six months) after the occurrence of a recordable incident to enforce record-making and recordkeeping requirements.

Finally, the amended regulations emphasize an employer’s ongoing duty to create and maintain records and increasingly justify OSHA’s ability to assess penalties against a violating employer for each day of noncompliance, until the maximum penalty amount is reached or the employer corrects the violation

See the original article Here.


OSHA CORNERSTONES Winter 2017

OSHA Publishes New Rule Regarding Slip, Trip and Fall Protection

OSHA recently published a final rule to update the standards regarding walking-working surfaces, as well as personal protective equipment (PPE) meant to protect employees from slip, trip and fall hazards. According to the agency, the final rule is meant to increase consistency between the general and construction industries’ fall protection standards, and will allow employers to choose the system that works best for their workplaces.

The final rule applies to all general industry workplaces and covers all walking-working surfaces—any horizontal or vertical surface on or through which an employee walks, works or gains access to a workplace location. The new standards for these surfaces address the following topics:

  •  Surface conditions and housekeeping
  •  Application of loads
  •  Access to and egress
  •  Inspection, maintenance and repair

Additionally, the final rule also indicates that employers must ensure that employees have fall and falling object protection in certain areas and during certain operations or activities.

Employers will be required to train employees about the requirements of the new rule. And, while the training employers provide to their employees is not required to be site specific, it does need to address the hazards to which employees may be exposed at their workplace.

The final rule becomes effective on Jan. 17, 2017, although OSHA will allow additional time for employers to comply with some standards. For more information on the final rule, including a full compliance schedule, call us at 920-921-5921, and ask to see our compliance bulletin, “OSHA Final Rule on Slips, Trips and Fall Protection.”

Large Number of Trench Collapse Fatalities in 2016 May Shift OSHA’s Focus

Since OSHA published safety standards regarding trenching and excavation safety in 1989, fatalities involving trench collapses have fallen dramatically. However, OSHA has reported that 24 employees died as a result of trench collapses since the beginning 2016—more than double the number that occurred in 2015.

Although OSHA is aware of the alarming number of fatalities, the agency still has not determined how safety issues involving trench collapses will be addressed. However, OSHA believes that simply making its staff aware of the problem isn’t enough.

In Tennessee, an employee died after a trench collapsed—the first such incident to occur in the state in more than five years. As a result, OSHA’s state agency in Tennessee now considers excavation hazards an “imminent danger” and has pulled a state inspector off of a general scheduled inspection to investigate trench exposures. However, it’s unknown if OSHA will extend these practices into other states.

Although OSHA’s trench and excavation standards are meant to protect employees, it’s important for employers to take a proactive role by training employees on how to recognize trench hazards. Additionally, it’s likely that OSHA will focus on compliance with trench safety standards as a way to reduce the number of fatalities in 2017.

Two Major OSHA Rules to Consider in Early 2017

OSHA frequently introduces or revises safety rules to remain up to date with new technologies and workplace procedures. In early 2017, two new major rules regarding injury and illness reporting will be in effect that all employers and establishments should be aware of.

OSHA’s electronic reporting rule will require some establishments to electronically submit data from their work-related injury records to OSHA. This rule becomes effective on Jan. 1, 2017. Under the new rule, establishments with 250 or more employees must electronically submit data from their OSHA 300, 300A and 301 forms. OSHA will then remove any personally identifiable information (PII) and post the establishment-specific data on its website.

In response to the electronic reporting rule, OSHA released an anti-retaliation rule that went into effect on Dec. 1, 2016. This rule includes two major requirements for employers:

  • Employers must inform their employees that they have a right to report work-related injuries and illnesses without any form of retaliation.
  • Employer must ensure that “reasonable” procedures are in place for employees to report work-related injuries and illnesses.

Because these two new rules may dramatically change how establishments and employees report injuries and illnesses, it’s important for employers to understand their reporting responsibilities. For more information, contact us today and ask for our two compliance bulletins, “OSHA Issues Final Rule on Electronic Reporting” and “OSHA’s Antiretaliation Rules to Take Effect Dec. 1, 2016.”

See the original article Here.


What’s employers’ No. 1 concern in 2017?

Does the new year have you worried? Check out this great article from Employee Benefits Advisor about employers concerns in 2017 by Phil Albinus

In the aftermath of President-elect Donald Trump’s surprise victory last month, the top employee benefit concern among employers remains their role on the Affordable Care Act. According to a survey of 800 employers conducted by brokerage solution provider Aon, nearly half — 48% — responded that the employer mandate is their biggest concern for the new administration.

According to J.D. Piro, head of the Aon’s law group, the concern stems from whether or not Trump will repeal and replace Obamacare and what plans the 115th Congress has for Medicare.

“It’s all of those [issues] and the employer mandate which has the reporting obligations, the disclosure obligations, 1094 and 1095 forms and the service tracking ... all of that goes into the ACA. The concern is, is it going to be dropped, expanded or modified in some way?” Piro tells EBN.

“Employers have all sorts of questions about that,” he adds.

The employer mandate was by far the top employer concern, according to the Aon survey, which was administered after the election. “Prescription drug costs” received 17% of responses and the “excise tax” received 15% of respondents’ attention. “Tax exclusion limitations on employer-sponsored healthcare” garnered 10% of votes while “paid leave laws” and “employee wellness programs” trailed at 8% and 2%, respectively.

The results didn’t surprise Piro. The employer mandate “is something employers had to get up to speed on and learn how to administer in a very short period of time. It was so complex that it was delayed for a year. It’s not yet part of the framework, and people are still addressing how to comply with it,” he says.

Looking ahead

While Piro declined to make any predictions about what the new administration will accomplish in terms of healthcare, he does think Congress will act quickly, if at least symbolically.

“I think something will happen in 2017. The most likely scenario is Republicans will pass some sort of repeal bill in the first 100 days of the new administration, but they will put off the effective date of the repeal until 2018 or 2019,” he says. “It will be somewhere down the road so they can decide when and what the replacement is going to be.”

The sheer complexity of ACA and Medicare will not make its repeal an easy matter for either the new Trump administration or Congress.

“This is an interconnected web of laws and rulings and the ACA affects every sector of healthcare. It’s thousands of pages of regulations,” Piro says. “Repealing it is not as easy as turning off a light switch or unplugging a computer and plugging it back in again.”

“A lot of people are affected by ACA and you have to consider what the impact is going to be.”

See the original article Here.

Source:

Albinus P. (2017 January 04). What's employers' no. 1 concern in 2017 [Web blog post]. Retrieved from address http://www.employeebenefitadviser.com/news/whats-employers-no-1-concern-in-2017?utm_campaign=eba%20daily-jan%204%202017&utm_medium=email&utm_source=newsletter&eid=909e5836add2a914a8604144bea27b68


Safety Focused January 2017

Sedentary Working Is a Top Health Risk

Sedentary working is a new top health risk that is getting increased attention from health and safety professionals. Sitting for long periods is thought to slow the metabolism, which affects the body's ability to break down body fat and regulate blood sugar and blood pressure. However, more research is needed in order to clear up some confusion over how employers can protect their staff from the perils of sedentary working.

Although studies have linked excessive sitting with obesity, Type 2 diabetes, some types of cancer and early death, most of the evidence is based on observational studies, which have failed to show a direct connection between sitting and ill health. Furthermore, more reliable research is needed regarding workplace interventions, such as sit-to-stand desks.

While there is not yet a clear answer as to what employers should do to address sedentary employees, there are things that employees can do on their own in order to stay healthy, including the following best practices:

  •  Stand up for at least two hours per day.
  •  Set a reminder to stand up every 30 minutes.
  •  Stand instead of sit whenever it is practical, such as during meetings or while on the phone.
  •  Walk over to colleagues’ desks for conversations instead of emailing or phoning them.
  •  Use the stairs instead of the elevator as often as possible.

The Importance of a Good Night’s Sleep

A poor night’s sleep may not only affect your productivity at work—it can also have adverse health effects.

Although the average recommended amount of sleep is between seven and nine hours per night, the average employee gets six hours and 28 minutes of sleep, according to a recent study of 1,060 participants. Two of the top reported side effects of sleep loss were a lack of attention and taking longer to complete tasks. Both suggest that sleep loss may negatively affect productivity.

The effects of a lack of sleep, such as feeling irritable and not working at your best, are well known, but they also include profound physical health consequences. Regular poor sleep is linked to an increased risk of obesity, heart disease, diabetes and a shortened life expectancy.

Getting enough sleep is especially important during the cold winter months, when a lack of sunlight can make people feel more fatigued and sluggish.

With that in mind, the following tips can help ensure a good night’s sleep:

  •  Establish a regular bedtime routine. Doing so will help program your body to sleep better. Go to bed at the same time every night, and create a habit of winding down beforehand by doing activities such as reading a book or taking a bath.
  •  Create a restful sleeping environment. TVs and other electronic gadgets can interfere with your ability to wind down.
  •  Don’t overindulge before bedtime. Too much food or alcohol before bedtime can interfere with sleep patterns. While alcohol may help you fall asleep, it can interrupt your sleep later in the night

See the original article Here.


9 reasons why retirement may go extinct

Worried about your future retirement? Check out this great read by Marlene Satter

Retirement as we know it may be set to disappear, as younger people look for ways to finance surviving into old age.

But extinction? Surely not.

However, according to the Merrill Edge Report 2016, that might just be in the offing, as workers change how they plan and save for retirement and how they intend to pay for it.

Millennials in particular represent a shift in attitude that includes very unretirement-like plans, although GenXers too are struggling with ways to pay their way through their golden years.

That’s tough, considering that most Americans neither know nor correctly estimate how much money they might need to keep the wolf from the door during retirement—or even to retire at all.

Here’s a look at 9 reasons why retirement as we know it today might be a terminal case—unless things change drastically, and soon.

9. Ignorance.

Most Americans have no idea how much they might need to retire, which leaves them behind the eight ball when trying to figure out when or whether they can afford to do so.

Of course, it’s hardly surprising, considering how many are members of the “sandwich generation,” who find themselves caring for elderly parents while at the same time raising kids, or even trying to put those kids through college.

With soaring medical costs on one end and soaring student debt on the other, not to mention parents supporting adult children who have come home to roost, it’s hard to figure out how much they’ll need to meet all their obligations, much less try to save some of an already-stretched income to cover retirement savings as well.

8. Poor calculations.

We already know most workers don’t know how much they’ll need in retirement—but it’s not just a matter of ignorance. They don’t know how to figure it out, either.

More than half—56 percent—figure they’ll be able to get by during retirement on a million dollars or less, while 9 percent overall think up to $100,000 will see them through.

And 19 percent just flat-out say they don’t know how much they’ll need.

Considering that health care costs alone can cost them a quarter of a mil during retirement, the optimists who think they can get by on $100,000 or less and even those who figure $100,000–$500,000 will do the job are way too optimistic—particularly since saving for medical costs isn’t one of their top priorities.

7. Despair.

It’s pretty hard to get motivated about something if you think it’s not achievable—and that discourages a lot of people from saving for retirement.

Those who have a “magic number” that they think will see them through retirement aren’t all that optimistic about being able to achieve that level of savings, with 40 percent of nonretired workers saying that reaching their magic number by retirement will either be “difficult” or “virtually unattainable.”

 

6. Luck.

When you don’t believe you can do it on your own, what else is left? Sheer dumb luck, to quote Professor Minerva McGonagall at Hogwarts after Harry and Ron defeated the troll.

Only instead of magic wands, 17 percent of would-be retirees are sadly (and amazingly) counting on winning the lottery to get them to their goal.

 

5. The gig economy.

Retirement? What retirement? Millennials in particular think they’ll need side jobs in the gig economy to keep them from the cat food brigade.

In addition, exactly half of younger millennials aged 18–24 believe they need to take on a side job to reach their retirement goals, compared with only 25 percent of all respondents. They don’t believe that just one job will cut it any more.

 

4. Attitude adjustment.

While 83 percent of current retirees are not currently working or never have during their golden years, the majority (83 percent) of millennials plan to work in retirement—whether for income, to keep busy or to pursue a passion.

The rise of the “gig economy" has created an environment where temporary positions and short-term projects are more prevalent and employee benefits such as retirement plans are less certain. This may be why more millennials (15 percent) are likely to rank an employer’s retirement plan as the most important factor when taking a new job compared with GenXers (5 percent) and baby boomers (5 percent).

Older generations had unions to negotiate benefits for them. Millennials might realize they have to do it all themselves, but they aren’t negotiating for salaries high enough to allow them to save.

And union benefits or not, 64 percent of boomers, 79 percent of Gen Xers and even 17 percent of currently retired workers plan to work in retirement.

 

3. A failure to communicate.

Lack of communications is probably not surprising, since most people won’t talk about savings anyway.

Fifty-four percent of respondents say that the only person they feel comfortable discussing their current retirement savings with is their spouse or partner. Only 36 percent would discuss the subject with family, and only 22 percent would talk with friends about it.

And as for coworkers? Just 6 percent would talk about retirement savings with colleagues—although more communication on the topic no doubt could provide quite an education on both sides of the discussion.

 

2. Misplaced confidence.

They won’t talk about it, but they think they do better than others at saving for retirement. How might that be, when they don’t know what others are doing about retirement?

Forty-three percent of workers say they are better at saving than their friends, while 28 percent believe they’re doing better at it than coworkers; 27 percent think they’re doing better than their spouse or partner, 27 percent say they’re doing better than their parents and 24 percent say they’re beating out their siblings.

All without talking about it.

 

1. DIY.

They’re struggling to figure out how much they need, many won’t talk about retirement savings even with those closest to them and they’re anticipating working into retirement—but millennials in particular are taking a more hands-on approach to their investments.

Doing it oneself could actually be a good thing, since it could mean the 70 percent of millennials, 72 percent of GenXers and 57 percent of boomers who are taking the reins into their own hands better understand what they’re investing in and how they need to structure their portfolios.

However, doing it oneself without sufficient understanding—and millennials in particular are also most likely to describe their investment personality as “DIY,” with 32 percent making their own rules when it comes to investments, compared to 19 percent of all respondents—can be a problem.

After all, as the saying goes, “A little knowledge is a dangerous thing.”

See the original article Here.

Source:

Satter M. (2016 December 7). 9 reasons why retirement may go extinct[Web blog post]. Retrieved from address http://www.benefitspro.com/2016/12/07/9-reasons-why-retirement-may-go-extinct?ref=mostpopular&page_all=1


ACA ‘repeal and replace’ plans in motion for 2017: What should HR do?

ACA's replacement may soon by on the way according to this article by Lauren Stead

Republican House and Senate leaders have been energized by the election of a president likely to accept a proposal to repeal Obamacare. As a result, they’re preparing to dismantle the Affordable Care Act (ACA) within the first 100 days of Donald Trump’s first term. 

Reports coming out of Capitol Hill indicate that the repeal measures GOP congressional leaders are planning to introduce would most likely be modeled after a 2015 repeal bill that was vetoed by President Obama. In addition, Senate leaders are thinking of using a process called reconciliation, which would allow budget bills to pass with a simple majority vote and bypass any filibuster attempts from Democrats.

Republicans are looking to pass repeal measures as Trump transitions into office, but delay the effective date of the repeal for two to three years.

GOP leaders are hoping the delay of the full rollback of Obamacare would sway enough Democrats to vote for the repeal and avoid a protracted legislative process.

The delay would also buy Republican lawmakers time to come up with a plan to replace the ACA so some 20 million Americans who purchased insurance on Obamacare’s exchanges don’t lose their health insurance seemingly overnight — while still fulfilling the promises of the Trump campaign to take down the existing law.

Republicans have released few details on what exactly their replacement plan may look like, but Trump said he wants it to save some of the more popular parts of the ACA — like guaranteed coverage for individuals with pre-existing conditions and the ability for children to stay on their parents’ insurance policies until they are 26 years of age.

What does this mean for employers?

Employers, meanwhile, are left wondering: What do — and what can — we do with our company sponsored plans now?

The answer: Stay the course. Even if a repeal bill is passed the second Trump takes office, it’s unlikely to change anything in the near future.

For at least a little while, it looks like larger companies (those with 50+ employees) will still be subject to the employer mandate/shared-responsibility non-compliance penalties if they drop coverage — or even drop benefits limits significantly — for full-time equivalent employees (those working 30+ hours per week on average). The GOP hasn’t released any specific timelines.

That means large employers still have to work on complying with the ACA’s reporting requirements, for at least the 2016 plan year (for which reporting will be due in 2017).

Obamacare compliance should still be at the forefront of every employers’ actions, as it’s unlikely the feds will waive non-compliance penalties just because companies are banking on a future repeal.

See the original article Here.

Source:

Stead L.(2016 December 7). ACA 'repeal and replace' plans in motion for 2017: what should HR do?[Web blog post]. Retrieved from address http://www.hrmorning.com/aca-repeal-and-replace-plans-in-motion-for-2017-what-should-hr-do/


Safety Focused Newsletter-December 2016

Staying Active at Work

Staying active can increase productivity and reduce stress. However, as the weather begins to cool, it can become more and more difficult to get up and move around—especially if you’re stuck in an office all day. Luckily, there are a number of exercises and activities you can do at work to ensure that you stay fit and healthy during the winter months, including the following: During Breaks  Stand up and stretch during your breaks to help reduce muscle fatigue and to help get your blood flowing.  Incorporate a short power walk into snack and coffee breaks.  Walk to your co-workers and have

Luckily, there are a number of exercises and activities you can do at work to ensure that you stay fit and healthy during the winter months, including the following: During Breaks  Stand up and stretch during your breaks to help reduce muscle fatigue and to help get your blood flowing.  Incorporate a short power walk into snack and coffee breaks.  Walk to your co-workers and have

During Breaks

  • Stand up and stretch during your breaks to help reduce muscle fatigue and to help get your blood flowing.
  • Incorporate a short power walk into snack and coffee breaks.
  • Walk to your co-workers and have face-to-face conversations with them in lieu of utilizing emails or phone calls. Not only does this get you up and away from your desk, but it can help you build relationships with your peers.

During Your Lunch Hour

  • Take the stairs to and from the cafeteria, if applicable. In general, lunch is a great time to get in some extra activities.
  • Sign up for a fitness class that you can participate in during your short lunch breaks. Just be sure to speak with a manager first to ensure that it’s OK.

Before and After Work

  • Consider walking to work on days where it’s not too cold and the walkways are free of ice.
  • Park your car far away from the main entrance of your work. This will force you to get in some extra steps before and after the workday.

Whatever methods you choose to utilize, staying active is important for your personal health. Even 10 minutes of activity a day has its benefits.

However, prior to exercising, it’s a good idea to speak to your doctor to ensure that you are healthy enough for vigorous exercise. Your doctor will also be able to provide you with additional tips on staying active.

For more workplace wellness tips, contact Hierl Insurance Inc. today.

Seasonal Affective Disorder

Seasonal affective disorder, or SAD, is a recurring depression that affects individuals during the cold winter months and then recedes during the spring and summer.

It is estimated that 5 percent of Americans suffer from SAD, with nearly 75 percent of those affected being women. SAD is most common for those in their 20s, 30s and 40s, although it can also occur in children, adolescents and the elderly.

SAD can have a serious impact on your desire to work and your overall well-being. Symptoms of SAD can vary depending on the severity of the condition, but generally include the following:

  • Difficulty concentrating
  • Low energy and fatigue
  • Decreased interest in daily activities, especially social activities
  • Moodiness and irritability
  • Increased appetite with weight gain
  • Cravings for carbohydrates
  •  Increased desire to sleep, with more daytime sleepiness

If you believe that you or a co-worker are suffering from SAD, it’s important to keep in mind the following coping strategies:

  1. Expose yourself to more light. Increasing the amount of natural light in your home and at work can have a positive impact on your mood.
  2. Get active. Whenever possible, go outside and get some exercise. This can help reduce stress and anxiety.
  3.  Reduce stress. Managing stress and finding time to relax can help limit the effects of SAD.

If you believe you may be suffering from SAD, it’s important to speak to a health care professional. He or she may recommend medication and other SAD-management approaches. Additionally, you should speak with your employer to ensure that they are aware of your condition and can work with you to find ways to assist.